If you’re not prepared for life to go on after your death, you’re risking your wishes not being fulfilled posthumously. A will presents the opportunity to put your preferences for asset distribution down on paper, ensuring your wishes are respected and your estate is passed down exactly how you would like. Don’t run the risk of having your assets and possessions pass to the state — ensure your wishes are respected with a will.
This does not constitute advice and advice should be sought in all instances before acting on it.
Don’t complicate matters for your family
If you don’t have a will, you could complicate matters greatly for your family after your death. No matter what you wished, even if you had talked about it with your loved ones, your wishes will be mute. Without a will, your estate will be divided according to intestacy rules, which means that only married partners, registered civil partners, and specific close relatives will have a claim over your estate. If you own property or a business, have children (especially minors), have investments, or hold insurance policies, then it’s essential that you create a will.
Your estate is a combination of assets and personal belongings. It’s not just physical items like property, cars, jewellery, or other possessions. Your estate also consists of savings in your bank account, National Savings such as Premium Bonds, insurance policies, pension funds, and investments. If you have been working toward providing your family with a certain lifestyle but fail to provide a will dictating your wishes for passing it all down, then it’s possible all your hard work could be for naught.
If you haven’t drafted a will, the Crown will claim your property and possessions. If you leave behind children that are under 18 years old, then decisions about their care, financial management, education, and living situations will not be yours to make. Don’t leave it up to chance, create a will.
Even without a family, it’s still worth drafting a will
Even if you don’t have children or grandchildren, you can pass your wealth down to, it’s still worth creating a will. You could donate your wealth to charity or non-family members who you have become close to. You don’t have to limit yourself to family members in your will, anyone or anything that is important to you should be considered.
Create or review your will today
It’s always a good idea to review your will regularly following significant life changes, like marriage, divorce, starting a family, or moving house. A financial adviser can be an invaluable asset when it comes to the process of creating a will. They’ll be able to accurately present a picture of your current and future financial circumstances and, along with a solicitor, provide advice about allocation, distribution, etc. To get started on ensuring your wishes will be honoured after your death, get in contact with the experts at Dental & Medical Financial Services today.